Services
1. Escheat Analysis
The myriad unclaimed laws provide for certain exemptions and discounts that companies are allowed to take relating to their escheat liabilities. Understanding each state’s laws and how they relate to your company is part of the service we offer. Experts in the unclaimed field cannot get certified like accountants with CPA’s or doctors with Ph. D’s but rather have to earn this expertise year in, year out to maintain this status.
ECFS, LLC provides companies with aggressive due diligence practices that earn an additional 33% in savings for all due diligence responses received. We also utilize state-of-the-art mailing processes that ensure more people receive the letters, thereby increasing customer response. The goodwill created by an effective and comprehensive compliance process cannot be measured. People are amazed when they receive a letter from a company regarding a three year old check, one they forgot about, and wrote off, a long time ago.
ECFS, LLC provides customized written policies and procedures for every client. These policies are designed to be easily incorporated into a company’s existing procedure manual and are filled with time-saving and automated functions to be used in each accounting area to create greater efficiency.
2. Guaranteed Compliance
ECFS, LLC contractually indemnifies you from penalties arising from non-compliance*. GUARANTEED.
ECFS, LLC provides full escheat compliance in all 51 US jurisdictions plus Puerto Rico and Canada. Among the full service offerings are:
- Annual updates from all reporting jurisdictions encompassing all new statutory changes incorporated into our software.
- Due Diligence fulfillment & reporting (Monthly).
- Preliminary (where necessary) & Final State Reporting.
- Records Retention.
- Dashboard & Scorecard Reporting Metrics (Annually).
- Record Resolution Reporting (Monthly).
- Cost-savings Metrics.
ECFS’s contractual guarantee assumes all unclaimed records will be received by ECFS, LLC in a timely manner. ECFS, LLC does not take responsibility for those items that should have been reported in prior years. ECFS, LLC can help to reduce fines and penalties, especially for first-time filers, by requesting extensions, where applicable, and by further specialized communications to the states.
*Applies to those items reported to ECFS, LLC per contract agreement.
3. Process Consulting
The methods employed at ECFS, LLC are straightforward and designed to save both time and money for each and every business we work with. ECFS, LLC has worked with leaders in every industry throughout the country. Each has acknowledged an awareness of the basics of escheat compliance. Most grudgingly accept it as a nuisance tax. None have professed to understand the myriad intricacies involved.
ECFS’s consulting team provides in-depth analysis for each and every step in the escheat compliance process that will help to reduce your escheat liabilities while additionally increasing efficiencies in the various accounting departments throughout your company. ECFS, LLC provides a customized version of their full-service Escheat Analysis offering while performing Process Consulting.
The savings realized by these new combined efficiencies offsets the costs involved to create these streamlined improvements. The major difference ECFS, LLC provides is their unique expertise of looking for ways to save you money while remaining 100% compliant. ECFS, LLC performs all work on-site and works hand in hand with those who will be performing, and managing, the process. In addition, ECFS, LLC provides annual updates to all consulting clients for 12 months following the conclusion of the contract, keeping them abreast of the latest statute changes and what to look for in the future.
4. Audit Defense, Legal Assistance
Unclaimed property laws are ever changing. Examples of these changes include decreased dormancy periods and increased fines & penalties for non-compliance. The states’ are taking a proactive approach in auditing businesses they feel are non-compliant in an effort to raise money for the state coffers.
ECFS, LLC provides Initial Audit Defense in our Comprehensive Escheat Compliance Contract. Similar to a state tax audit, there are necessary steps involved to reduce the size and scope of the actual audit. These two items are the most important when faced with an unclaimed audit! Our Unclaimed Team helps prepare you in this sometimes lengthy and arduous process. We also provide Initial Audit Representation in all state dealings.
ECFS, LLC contractually guarantees that all Escheat Compliance work meets or exceeds every state standard and assumes legal and financial responsibility in the event an unclaimed audit reveals any malfeasance performed by ECFS, LLC.
ECFS, LLC also provides additional audit assistance not covered in our Comprehensive Escheat Compliance Contract. These services include, but are not limited to:
- Record preparation for all escheat audit purposes, not just those performed by ECFS, LLC.
- In-house expert accounting assistance to cover all phases of the audit process subsequent to ECFS’s initial audit defense
- Working hand-in-hand with your company’s legal and financial team to provide constant advice and guidance.
- Contacting and conducting each audit session with the various state representatives.
- Review and verification of state findings.
- Negotiate and obtain written “Closure”.
5. Recovery
Coming Soon!